BOPEU Introduces Compulsory Group Life Assurance for Members
The National Executive Committee (NEC) of BOPEU has recently resolved to introduce a compulsory Group Life Assurance (GLA) for its members. This new insurance product is designed to meet members’ evolving needs and provide better insurance packages that reflect the intention to preserve the integrity of BOPEU members and ensure the subsequent security of the family members means of subsistence.
BOPEU has conducted a diagnostic evaluation of the existing insurance products and its members’ evolving needs to come up with a suitable and financially affordable insurance product. The GLA policy has been acquired for the BOPEU Group through Babereki Insurance Brokers underwritten by BONA Life Insurance Company with a P70 monthly subscription. The policy took effect on the 1st February 2023, offering various benefits.
For just P 70 per month, members and their families are protected with a pay-out of P 200 000 (Two Hundred Thousand Pula) in the event of either death or permanent disability. The amount is untaxed and is payable either to the nominated beneficiaries on the nomination form or to the member themselves in the event of a total and permanent disability due to injury or serious sickness. Additionally, like the Group Funeral Scheme, the Group Life Assurance policy continues after retirement as long as premium payments continue.This GLA policy is a valuable addition to the BOPEU Group Funeral Scheme which will ensure BOPEU members and their families are protected against life’s unexpected events.
However, members who wish to opt out of the GLA product may do so by issuing an individual notification to that effect. Members are hereby given 30 working days from the 20th March 2023, and are requested to send notifications to their Branches, Regional Offices, or by sending an email to sales@babereki.co.bw.
To fill out the nomination forms or for any clarification on the policy, members are advised to visit their respective structures or any BOPEU office nearest to them.